Even more notable, US crude production dropped in the last week, tracking the lagged oil rig count...

WTI surge up to the 2/28 highs - testing towards $58 ahead of the DOE data.

Oil has rallied more than 25 percent this year as the Organization of Petroleum Exporting Countries and its partners show their commitment to restrain production even in the face of criticism by American President Donald Trump. Adding to the market’s upbeat tone, the U.S. government lowered its output forecast for the first time in six months on the back of slowing American drilling activity.

“On the bullish side we have a rapidly deteriorating situation in Venezuela,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB. “Further on the bull side, OPEC+ continues to deliver on pledged cuts.”

And on the surprise crude draw, WTI pushed up through $58

Back to 4-month highs...

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Tyler Durden (pseudonym) is the lead writer at ZeroHedge. Tyler represents the idea that a return to truly efficient markets is a possibility and ...
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Tyler Durden (pseudonym) is the lead writer at ZeroHedge. Tyler represents the idea that a return to truly efficient markets is a possibility and a necessity.

After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed. He argues that a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit.